The race to be in your new house for 2007 [Winter/Spring]

Vickicb

AGHHHHH!

Finally we hear from the bottom of the chain that they are happy with suggested completion date (26th) but want to exchange and complete on the same day! :wall:

No idea why they want to do this. Our chain has 4 families in it plus the FTB at the bottom and retirees at the top - we cannot cope with the uncertainty of simultaneous exchange and completion - I cannot confirm childcare places or even *apply* for school places until we exchange, and I'm a teacher so can't take the time of to look after my two after completion if they can't go to school. :mad:

wigglygiggly

What a nightmare Vicky? We did everything to avoid exchange and completion on the same day for the same reasons as yours - schooling. Now we aren't, so we have a good three weeks now to sort things out.

I really don't know what to suggest for you

Vickicb

Currently we are just trying to find out WHY they want to do it on the same day. We spoke to our buyer (he is friends with HIS buyer, who wants this) and he seemed to know all about this and think it was OK. Why they didn't inform anyone else in the chain I have no idea. We have said it is not acceptable and we must exchange tomorrow, hopefully our buyer will call us back this evening. Why do we bother employing solicitors? We have moved things along, agreed dates and found out loads of info this week by simply talking to each other and not through the sols.

lynzpower

Vickicb wrote:

AGHHHHH!

Finally we hear from the bottom of the chain that they are happy with suggested completion date (26th) but want to exchange and complete on the same day! :wall:

No idea why they want to do this. Our chain has 4 families in it plus the FTB at the bottom and retirees at the top - we cannot cope with the uncertainty of simultaneous exchange and completion - I cannot confirm childcare places or even *apply* for school places until we exchange, and I'm a teacher so can't take the time of to look after my two after completion if they can't go to school. :mad:

well it wont just be you in the chain that says no.

its only FTBs really who can exchange & complete on the same day, as clearly removal men etc have to be booked for all of you to get out, for completion - surely

So im guessing, that everyone else in the chain along with you sayd NO to exchange completion simultaneously, you arent being unreasonable, id sugggest its their sols who are just dumb.

UPDATE FROM ME
Ok
well this morning I was advised that the contract was adapted due to the fact that buyers sol still hadnt recived a copy of the insurance doc from the managing agents. and they wanted a 6 week delay between exchange & completion to sort this out. ( me not overly happy about this)

Managing agents hadnt had the copy from thier insurers yet, so my sol said that she would call the insurers and ask them to fax it over today.

I rang at 3ish to find out what the score was. secretary tells me sol is in a meeting & will be for the rest of the Pm , but theres someone else who deals with exchanges.

In the meanwhile I got a call from the EA who said buyer has transferred the money to my sols apparently. and "has heard nothing"

I spoke to D who deals with exchanges. my sols cash office hasnt recieved the cash.

i asked her about the insurance cert, clearly no one had bothered to do anything about this ,so I asked her for the number and within 10 mins Id spoke to relevant person & the document was faxed through to my sols.

You wonder what the point of it all is, I mean Ive done pretty much everything myself today.

God knows where the buyers money is though!

Phew

Vickicb

lynzpower wrote:

You wonder what the point of it all is, I mean Ive done pretty much everything myself today.

If I had a pound for everyone who has said that to me at work this week about their own experiences of house-buying I'd be going out for a meal and getting hammered tonight on the money. What is the point of solicitors when the clients ALWAYS seem to do the work?

lynzpower

I feel bad saying that, I know that the secretary of my sol works like a trojan and she does work hard, that true.

But this insurance doc, it would have taken ( well i know, as I did it myself) 2 mins to get it sorted

If I hadnt done thins I would have a retainer on the contract for 600 quid and not be able to complete for another 6 weeks, costing me yet another mortgage payment while this saga continues.

hex2

Lynz - just wanted to say best of luck - something you seem to have had a complete absence of so far. Good to hear you have a new job too.

Pleased to hear of progress for most. We have been in for three weeks now and love it and all the stress is a distant memory........

lynzpower

Aww helllo hex I was thinking I should see where abouts you are havent *seen* you in ages

I know all this stress will fade, I woke up at 5 with mind whirring. I think it doesnt help my mood that im actually exhuasted. just keep waking up so early!

hopefully today then eh? :rolleyes:

ownerofthemoneypit

Lynzpower, If it helps at all I am in the same position - I will be staying in my next place a very long time!!

Regarding exchange and completion on same day, apparently it could be that the buyer doesn't have a desposit but a 100% mortgage, or simply needs to be in the property ASAP. Look at your solicitors fees, I know that mine will charge 30% more if there's less than 10 days between exchange and completion - sometimes it's worth it to get things moving, but if you're stretching yourself for your next dream home, every penny counts.

Good luck everyone, fingers crossed - Today is another day!!

lynzpower

well update my end is that the buyer has wanted to put in a clause that the 600 quid will be retained until reports from 2007 are obtained from the managing agents- this wont be produced till december 07 :wall:

She is rightly going back to them and saying stop being muppets.

I await some good news with fingers crossed

Anyone else any news from today?